THE WOODLANDS, Texas & DOHA, Qatar--(BUSINESS WIRE)--Chevron Phillips Chemical Company LLC and Qatar Petroleum (QP) today announced the signing of an agreement to pursue the development, construction and operation of a petrochemicals complex in Qatar to produce ethylene and high-density polyethylene (HDPE). The facility will be developed and constructed in Ras Laffan Industrial City and is expected to have a 1,900 KTA ethane cracker and two high-density polyethylene derivative units with a combined capacity of 1,680 KTA.
Signing of the project agreement documents occurred earlier this morning in Doha by His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the President & CEO of Qatar Petroleum, and Mark E. Lashier, President & CEO of Chevron Phillips Chemical.
Speaking at a press conference held on the sidelines of the signing ceremony, His Excellency Mr. Saad Sherida Al-Kaabi said, “The conclusion of these agreements constitutes an important milestone for Qatar Petroleum as petrochemicals represent a major pillar of our growth strategy to achieve our vision of becoming one of the best national oil and gas companies in the world.”
Qatar Petroleum will own a 70 percent majority share of the joint venture and Chevron Phillips Chemical will own the remaining 30 percent.
In addition to the exclusive licensing of its MarTECH™ loop slurry process for manufacturing HDPE, Chevron Phillips Chemical will provide project management, engineering and construction services to develop the project. As part of the development phase, the companies will study the potential efficiencies that could be realized by harnessing the existing capabilities of the Qatar Chemical Company (Q-Chem) joint ventures to provide overall operational management of the facility once complete.
“Developing this project is a tremendous opportunity for our company to expand on our highly-successful joint ventures with the State of Qatar to meet the growing global demand for petrochemical products that enrich lives around the world,” said Lashier. “Qatar is one of the world’s leading producers of the natural gas liquids that will fuel these world-scale assets. This project fits perfectly with our global strategy to build petrochemical assets in regions of the world where feedstock options are abundant and competitively-priced.
“We look forward to building on our strong relationship with Qatar Petroleum and believe that these new world-scale assets will deliver exceptional value,” concluded Lashier.
The engineering design phase of the project should commence shortly, leading to a planned start-up in late 2025.
About Chevron Phillips Chemical Company LLC
Chevron Phillips Chemical Company LLC is one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, plastic piping and polymer resins. With approximately 5,000 employees, the LLC and its affiliates own more than $16 billion in assets, including 31 manufacturing and research facilities in seven countries. Chevron Phillips Chemical Company LLC is equally owned indirectly by Chevron Corporation and Phillips 66, and is headquartered in The Woodlands, Texas. For more information about Chevron Phillips Chemical, visit www.cpchem.com. Also, follow us on Twitter: @chevronphillips.
About Qatar Petroleum
Qatar Petroleum is an integrated national oil corporation responsible for the sustainable development of the oil and gas industry in the State of Qatar and beyond.
Qatar Petroleum’s activities encompass the entire spectrum of the oil and gas value chain locally, regionally, and internationally, and include the exploration, production, processing, marketing and sales of oil and gas, liquefied natural gas (LNG), natural gas liquids (NGL), gas to liquids (GTL) products, refined products, petrochemicals, fertilizers, steel and aluminum.
Qatar Petroleum is committed to contribute to a better future by meeting today’s economic needs, while safeguarding our environment and resources for generations to come. Thriving on innovation and excellence, Qatar Petroleum is bound to the highest levels of sustainable human, socio-economic, and environmental development.
For more information, please visit www.qp.com.qa.
About Chevron Phillips Chemical Company LLC’s Qatar presence
Qatar Chemical Company Ltd. (Q-Chem) and Qatar Chemical Company II Ltd. (Q-Chem II) are joint venture companies owned 49 percent by Chevron Phillips Chemical Company International Qatar Holdings LLC (Chevron Phillips Chemical Qatar), 49 percent by Mesaieed Petrochemical Holding Company Q.S.C. (MPHC) and 2 percent by Qatar Petroleum (QP). QP owns the majority of MPHC and Chevron Phillips Chemical Qatar is a direct, wholly-owned subsidiary of Chevron Phillips Chemical Company LLC. Q-Chem and Q-Chem II are leading producers of high-density polyethylene and normal alpha olefins, and Muntajat markets their products to Asia, Africa, Europe and the Middle East. Also part of Chevron Phillips Chemical Qatar is the Ras Laffan Olefins Company (RLOC), a world-class ethylene cracker operated by Q-Chem. Q-Chem II owns 53.31 percent of RLOC, with the remainder owned by Qatofin Company Ltd. Q.S.C. at 45.96 percent and QP at 1 percent. Visit www.qchem.com.qa for more information.